Nearly 250 Million Tax Returns Filed in 2016

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By Douglas A. McIntyre Updated Published
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Nearly 250 Million Tax Returns Filed in 2016

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, 249,775,500 tax returns will be filed in the governments fiscal 2016. That is an exact number, but it is the IRS.

Over 165 million of these filings will be electronic. Deforestation activists get a break

Over 145 million will come from individuals. Over 3.7 million will be from partnerships. Over 6.7 million will come from corporations, among them are those activists and politicians complain about because they are corporations which pay no taxes (These companies argue that they make payroll tax contributions, but that debate is for another time)

What the IRS does not say is whether all of the electronic returns from individuals and corporations help it monitor whether returns are accurate. The IRS chiefs complain each year that they do not have the resources to monitor cheaters. Is it easier to cheat on paper than it is electronically? No IRS data on that, at least not for the public
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All of this data comes from IRS projections, which the agency admits are not as accurate as they seem at first blush:

The table presents two measures of projection accuracy; the mean absolute percent error (MAPE) and the number of over-projections. The MAPE is computed as the average percent projection error regardless of whether they were over- or under projections over the four projection cycles. The number of over-projections can show whether projections are consistently over- or under- projected. A value of two indicates balanced forecasts over the four cycles. The table groups these two measures by time horizon. The time horizon is determined by when the forecast was made and for what future year. For example, a forecast for 2012 made in 2009 would be part of the “3-years-ahead” time horizon.

If the IRS can under-project the number of tax returns to be filed, how can it know if the actual filings each years are what they should be or not? The IRS does not have enough employees, it says, so not enough to even count for accuracy.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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